It's projected the bill would create nearly $3.8 billion in revenue from new fees, and allocate nearly $1.5 billion from the general fund and stimulus money, for a total of $5.268 billion in new funding for transportation over the next 10 years.
"It’s time to finally fix our damn roads, to fix the frustration we see sitting in traffic," Polis said. "It is so exciting to see an unprecedented coalition saying it’s time to fix our roads. It’s rare to see people of so many different perspectives."
According to the sponsors, the proposal aims to accomplish three goals.
First, the bill aims to save Coloradans money and decrease time spent on roads by providing more transportation options and relief for drivers, balancing regional transportation needs, and supporting a statewide approach and making investments in rural and disproportionally impacted communities.
Second, sponsors said the bill will create a dynamic transportation system that improves air quality by building infrastructure that supports the transition to a more prominent electric vehicle market, and by taking active mitigation strategies to avoid federal and state sanctions.
Finally, sponsors said the bill will support establishing sustainable funding for Colorado's transportation system following many failed legislative attempts and ballot measures.
"For the first time we are introducing something that isn’t just a band aid, it’s a framework to futureproof our transportation," Senate Majority Leader Steve Fenberg (D-Boulder County) said.
"This plan will create sustainable funding source that can’t be monkeyed with in future legislatures," State Sen. Kevin Priola (R-Adams County) said.
The following legislative and local officials were in attendance at the Colorado State Capitol for the announcement:
- House Speaker Alec Garnett
- Sen. Faith Winter
- Rep. Matthew Gray
- Denver Mayor Michael Hancock
- Colorado Springs Mayor John Suthers
- Boulder Mayor Sam Weaver
- Mike Kopp, chair of A Way Forward and President and CEO of Colorado Concern
- Kelly Brough, president and CEO of Denver Metro Chamber of Commerce
- Carl Smith, SMART Union
- Elise Jones, Southwest Energy Efficiency Project
- Jake Swanton, public policy director for Lyft
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